Common use of Corporate or Partnership Existence Clause in Contracts

Corporate or Partnership Existence. Subject to Article V, the Issuers shall do or cause to be done, at their own cost and expense, all things necessary to, and will cause each Restricted Subsidiary to, preserve and keep in full force and effect the corporate or partnership existence and rights (charter and statutory), licenses and/or franchises of each of the Issuers and each Restricted Subsidiary; provided that none of the Issuers or any Restricted Subsidiaries shall be required to preserve any such rights, licenses or franchises if such rights, licenses or franchises will be replaced or if the Board of the Company shall reasonably determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuers or such Restricted Subsidiary, as the case may be, and the loss thereof is not adverse in any material respect to the Holders; provided, further, that any Restricted Subsidiary may be wound up and liquidated into an Issuer or any other Restricted Subsidiary.